There seems to be a lot of misconception about Les' buyout from LSU, so I'll attempt to clarify how it works.
Les' contract runs through December 2019 (3 years, 3 months from now). By contract, if he is terminated, his buyout is paid out monthly over a period of time double the remaining term...thus, he'll be paid out over 6 years, 6 months.
His stated buyout is $12.9 million; but by contract you reduce from that any amounts paid to him in this calendar year.
Les makes $4.3 million per year plus bonuses. Depending on what has already been paid in calendar 2016, that is what sets his buyout.
For illustrative purposes, let's assume 9/12s have been paid, thus approximately $3.2 million.
So, his stated buyout was $12.9 million, less the $3.2 paid in 2016. Hence, Les will be paid approximately $9.7 million over the next 6 years, 6 months.
Assuming Les does not accept further work, he would receive approximately $125,000 / month for the next 6 years, 6 months.
To the extent he accepts any other job, the amount LSU owes would be reduced dollar for dollar.
More on LSU's path forward here.